Global medical cannabis demand is rising as governments review regulatory frameworks, including in the United States, where officials are considering reclassifying cannabis for medical use. Industry leaders say any changes are likely to be gradual, with federal and state processes still to be worked through.

BNN Bloomberg spoke with Miguel Martin, CEO of Aurora Cannabis, about record growth in the company’s global medical cannabis business, the decision to scale back consumer cannabis exposure, and how potential U.S. reforms could affect the medical market over time.

• Global medical cannabis continues to post double-digit growth, supported by expanding patient access in Europe, Canada and Australia.
• The U.S. is expected to approach cannabis reform through medical use first, with any reclassification unfolding gradually.
• Regulatory expertise and experience across multiple jurisdictions are critical as medical cannabis markets expand.
• Consumer cannabis remains a lower-margin segment, prompting companies to prioritize medical-focused strategies.
• Existing international production and compliance models could be directly applied if the U.S. medical market opens further.

Read the full transcript below:

LINDSAY: Aurora Cannabis posted record revenue in its global medical cannabis segment, up 12 per cent from a year earlier. That comes as the company waits to see whether the U.S. will ease regulations on medical cannabis after U.S. President Donald Trump signed an order to pursue reclassification. Joining us now is Aurora’s CEO, Miguel Martin. It’s good to have you. Thanks so much for taking the time.

MIGUEL: Thanks for having us.

LINDSAY: First off, you saw most of the growth — correct me if I’m wrong — in medical cannabis. To start, where did you see that growth in the latest quarter, geographically, and what drove it?

MIGUEL: Yeah, as you mentioned, it was a great quarter — record earnings and really strong EBITDA. In terms of international growth, Aurora operates in 12 countries. We have leadership positions in Canada, Germany, Poland, the U.K. and Australia, and those are the primary countries we focus on today. There are also emerging markets like Switzerland, Austria, Spain and Italy. The movement around medical cannabis legalization is definitely strong internationally.

LINDSAY: Consumer cannabis, though, not exactly the same story. What are you seeing when it comes to consumer cannabis, particularly in Canada?

MIGUEL: In Canada, consumer cannabis is a real challenge. The margins and the overall profile of that business really don’t work well for a company like Aurora. Today, we announced further focus on international medical cannabis, which has much stronger margins, much stronger growth, and a real emphasis on science and genetics in regulated markets, as opposed to the consumer market.

LINDSAY: You’ve said that in the fourth quarter of fiscal 2026, the company will be exiting certain consumer cannabis markets in Canada. Do you ever plan to exit completely from consumer cannabis in Canada?

MIGUEL: This has been a project over time. Over the past two years, we’ve increasingly focused on that high-margin, high-growth business. What we announced today is a further step in that direction, with a focus on only a couple of markets. If it turns out those remaining markets don’t make sense, we’ll make that adjustment. By the same token, if things were to change, it also gives us the option to go back into it.

LINDSAY: Let’s get back to the results released today. You’ve also established an at-the-market share offering program. Can you tell us more about that?

MIGUEL: It’s a great development for the company. Aurora has one of the strongest balance sheets in the cannabis industry, with no debt in the cannabis business and more than $150 million in cash. The at-the-market program gives us the opportunity to be more opportunistic as we focus on internal investments — which we’ve made with great success — as well as potential M&A that would be accretive and bolster our ability to take advantage of this growing market.

LINDSAY: Let’s turn to the potential reclassification of cannabis in the U.S. If this goes through, how would it affect your business?

MIGUEL: We’ve said all along that if the U.S. moves toward legalization, it would be medical first. As a global leader in medical cannabis, and a company that’s been operating for more than a decade, we’ve navigated strict regulatory regimes in Canada, Europe and elsewhere. The U.S. announcement is exactly what we expected — a focus on medical cannabis first, not recreational. The administration is looking at moving cannabis from Schedule 1 to Schedule 3. It’s early days, and as a company that trades on the Nasdaq, until it’s federally legal, we can’t participate. But this is a positive development for a company like Aurora, which has global leadership in medical cannabis, and we believe we’ll be well positioned as that market opens up.

LINDSAY: Do you have a sense yet of how that would work — whether patients would pay out of pocket or whether insurance companies would be involved?

MIGUEL: We haven’t seen the details yet. Around the world, medical cannabis markets tend to be a mix of self-pay and reimbursed models. In Canada and other countries, it’s part of insurance programs and reimbursed in different ways, including through the veterans program here in Canada. We’ve also been encouraged by the administration’s focus on research, which could support a broader reimbursed model, similar to what we see internationally. Companies like Aurora have experience navigating that.

LINDSAY: We had a bit of a shaky signal there, so just to clarify: when it comes to who the main customer would be for medical cannabis in the U.S., do you have a sense of that based on existing data?

MIGUEL: It would likely be similar to what we see in Canada — a mix of self-pay and reimbursed patients. We see a broad range of patients accessing medical cannabis through their insurance and working with practitioners. As research continues, we expect the range of applications to expand.

LINDSAY: In terms of timing, these things don’t happen overnight. How long do you think it could take to see regulatory changes in the U.S.?

MIGUEL: It’s hard to say. The U.S. is just one component. We’re seeing comprehensive changes to medical cannabis regulations in large countries around the world, and we’ve been able to take advantage of that. We’ve stayed adaptable and opportunistic, and as the U.S. evolves, we’ll be ready. But timing is difficult to predict at this stage.

LINDSAY: Lastly, how much of your focus would shift to the U.S. if that market opens up more fully? Your largest international medical cannabis market right now is Australia, correct?

MIGUEL: That’s correct. The good news is that the work we do in regulated production, development and delivery of medical cannabis around the world is directly applicable to the U.S. As we grow markets like Australia, everything we’re doing can be applied in the U.S. It doesn’t require new investment or a different approach — we can apply more than a decade of learnings to what could be a very large market.

LINDSAY: We’ll leave it there. Appreciate you joining us. Thanks so much.

MIGUEL: Thank you very much.

LINDSAY: That was Miguel Martin, CEO of Aurora Cannabis.

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This BNN Bloomberg summary and transcript of the Feb. 4, 2026 interview with Miguel Martin are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.